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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 125339, member: 33464"] [SIZE=6][B]GBPJPY – British Pound Trend Overwhelmingly Negative Vs Yen[/B][/SIZE] [SIZE=5][B]Key Highlights[/B][/SIZE] · The British Pound declined heavily from the 140.10 high against the Japanese Yen. · There are two bearish trend lines with resistance 140 formed on the 4-hours chart of GBPJPY. · Today, the UK British Retail Consortium (BRC) Shop Price Index released for March 2017 posted a decline of 0.8%. · Today, the Japanese Services Purchasing Managers Index (PMI) for March 2017 released by Markit Economics posted a rise from 51.3 to 52.9. [SIZE=5][B]GBPJPY Technical Analysis[/B][/SIZE] The British Pound struggled a lot during the past few days near 140 against the Japanese yen. As a result, the GBPJPY pair traded lower and remains poised for a decline towards 136. [IMG]https://titanfx.com/wp-content/uploads/2017/04/GBPJPY-04.05.2017-768x401.png[/IMG] The pair faced continuous offers near 140, as there are two bearish trend lines on the 4-hours chart. Moreover, the pair also struggled near 100 and 200 simple moving average (H4) at 140.10 and 139.90. The pair fell sharply and declined below 139 and 138, and even below the last low of 137.51. So, there are chances of a decline towards the 1.236 extension of the last leg from the 137.51 low to 140.08 high at 136.91. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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